Single Mom and Full-Time Student Buying a Home

Reader Question: I am a single mom and full-time student with no job. Can I buy a home?

If you have some other source of income, you might be able to swing it. For example, if a person was unemployed but had some kind of trust fund that paid money out each month, a lender might approve that person for a loan.

A lender's number-one concern (especially in this economy) is that the borrower has some financial means to make the monthly payments on the loan. If they determine the person is unable to do that, they won't offer a loan.

There are grants available for home buyers, but I don't know of any that will cover the entire cost of a home. Most home buying grants offer money for a down payment, or will only cover a portion of the cost. To cover the remaining amount, you would still need a mortgage loan. One of the first things a lender will do is review your current income -- whether that income comes from a job or some other source.

As for being a single mom, there is some helpful information for you here on our website. I once compiled a list of information for single moms buying a home. It's at least a year old, so some of the stuff on the list may be outdated. But it's a good place to continue your research.

The Department of Housing and Urban Development / HUD also has a "housing choice voucher" program (commonly referred to as Section 8 housing) for people with low income. You can learn more about that on the HUD website.

Hope that helps. Good luck.